Pier 1 Q3 profit up, beats Street
Fort Worth, Texas -- Pier 1 Imports Inc.'s third-quarter profit climbed 10% to $23 million from $21 million a year earlier, better than analysts expected.
Revenue increased 8% to $382.7 million from $353.8 million, boosted by a higher average ticket and more traffic. Same-store sales were up 7%.
The retailer also said Thursday that its sales so far in December are strong and that it expected the momentum to continue until Christmas.
“Our strong product assortments, the right balance of regular and promotional pricing and a great store experience are driving robust sales and merchandise margin growth. December sales so far are strong and we expect this trend to continue for the final ten days leading up to Christmas,” said president and CEO Alex Smith in a statement.
Pier 1 also said its new website, which will allow shoppers to buy online and have goods shipped to their homes, will debut next summer.